EUR/NOK poised for further downside – Danske Bank

FXStreet (Edinburgh) - Senior Analyst at Danske Bank Pernille Nielsen expects the cross to test lower levels backed by a recovery in the crude oil prices.

Key Quotes

“EUR/NOK is trading lower on the back of the rebound in the oil price and the better-than-expected Norwegian manufacturing PMI on Monday”.

“Near term, EUR/NOK is likely to trade with a heavy tone as the oil price appears to be rebounding”.

“Further out, we continue to expect EUR/NOK to edge higher into the Norges Bank meeting in March but we are getting closer to a full-blown NOK recovery”.